Role of Internal Audit

Provide independent appraisal of the University’s financial, operational and control activities

Act as a management self-regulating tool

Report on:

The adequacy of internal controls

The accuracy and propriety of transactions

The extent to which assets are accounted for and safeguarded

The level of compliance with institutional policies, government laws and regulations

Management officials work with Internal Audit on a continuing basis to identify areas of potential financial and business risk that warrant periodic or special review through the development of a multi-year audit plan.

Internal Audit has a direct reporting line to the President and operationally reports through the office of the Vice President for Finance. Internal Audit meets with the Audit Committee of the Board of Curators of the University four times per year. This committee serves as the Board committee on audit as stipulated in the Collected Rules and Regulations (10.050).

The internal auditors work directly with an Internal Audit Steering Committee, which is comprised of members from the university system, the four campuses, as well as the university hospital system. The committee is chaired by the Director of Financial Services, who is the liaison for Internal Audit for the University of Missouri System.